ETH/USD has been able to stage a move higher the past day of trading as it comes within sight of significant short- and long-term resistance.
ETH/USD is trading near the 2750.00 mark as of this writing after displaying a solid move upwards. On the 31st of January, Ethereum traversed dangerous support levels again and dropped below the 2500.00 value. The renewed ability to find momentum the past couple of days may be enough to stir the hearts of optimistic bullish traders, who have been waiting on the sidelines deciding when they want to re-enter the cryptocurrency sphere.
Conservative buyers may be monitoring current short-term resistance levels and decide to wait for further climbs which surpass the 2800.00 juncture. Yesterday’s trading was able to hit the 2800.00 ratio several times, but was pushed back when the 2810.00 level was flirted with. If this top mark can be penetrated higher, traders who are ETH/USD backers may feel Ethereum could challenge prices not seen since the 21st of January.
The January 21st date is important as resistance now for ETH/USD, because from a technical viewpoint that is essentially when a sudden tailspin lower turned violent and produced big losses in the following days. While bullish traders may be looking at the 2850.00 and 2900.00 as tempting targets, until the 2800.00 is actually surpassed and sustained ETH/USD may still be in the grips of its rather troubling bearish cycle.
Short term traders who remain skeptical about ETH/USD climbing past resistance levels may be looking at current prices and wondering if they can pursue downwards action. If ETH/USD is not able to climb past the 2760.00 mark and sustain value, Ethereum could certainly develop another leg lower. Suspicious speculators who have been selling ETH/USD during the mid-term bearish trend may look at the results from the past two days and proclaim a false rally has been witnessed.
The current value of ETH/USD is within an intriguing range. As the price hovers near important short term resistance, it also is next to values seen in early August before a surge higher was ignited. Having suffered a stiff downward slope for several months, traders may be anticipating a bullish run higher for Ethereum, but timing the exact moment when a dynamic surge upwards is going to be exhibited is difficult.
Conservative bulls may want to wait for additional evidence of a higher advance before wagering with buying positions. Until then, sellers may try to look for support levels as take profit targets in the pursuit of another reversal lower.
Ethereum Short-Term Outlook
Current Resistance: 2800.00
Current Support: 2715.00
High Target: 3056.00
Low Target: 2601.00
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